Telemedicine market will witness a significant growth in the near future due to rising geriatric population, growing demand for accessible healthcare services especially in remote areas, and advent of technological improvements related to mobile and internet. Telemedicine has enabled healthcare professionals to access patient’s medical data including electrocardiogram, X-rays, computed tomography scans and other imaging data remotely, thereby boosting the market growth.

Telemedicine is rapidly transforming the healthcare industry, and in the next few years, it is expected to become the most accepted and used method of diagnosis and prescription. Various healthcare platforms are bolstering revenues by constantly adding new services to their existing portfolio. Another factor responsible for the massive growth of market is greater application by the business/working community that enable them to discuss their medical condition with the doctor, without even leaving the premises of work.

Tele-consulting segment held significant share of total telemedicine market, accounting for a total value of USD 16,129.4 million in 2018. Tele-consulting enables better patient management and provides patient with access to healthcare expertise that helps them understand their condition and treatment, thereby boosting the segmental growth

Telehospital market segment dominated the industry, accounting for USD 25,312.4 million in 2018. Increasing adoption and application of telemedicine in hospitals and clinics for the treatment of various chronic diseases has enabled cost-saving to a great extent, hence boosting the segmental growth during the forecast timeframe.

Telehome market segment will grow rapidly at 19.6% during the forecast timeframe. Telehome services benefit not only patients but also healthcare providers. In addition, telehome facilities are easy-to-use and can be used for housebound, elderly, and frail patients. An individualized approach, good technologic support, and effective communication were key elements of implementation in telehome.

Telemedicine Market, By Specialty

Dermatology segment generated maximum revenue share in the year 2018 with a value of USD 9,242.2 million. Factors such as direct care through email, texts or other services, and patient’s real-time appointment with a dermatologist over a video platform will boost the segmental growth.

Neurology market segment is expected to experience robust growth at 39.8% over the projection period. Increasing incidence of Parkinson’s disease, Alzheimer’s disease, autism, and epilepsy will increase the application of telemedicine in neurology. Furthermore, growing demand for tele-neurology services especially amongst the older patient population will drive the telemedicine market for neurology.

Telemedicine Market, By Delivery Mode

Web/mobile segment generated maximum revenue share of 60.4% in the year 2018. Factors such as growing telecommunication networks and infrastructure along with increasing users of mobile and internet in today’s world will augment the growth for web/mobile for telemedicine market.

Web/mobile segment is expected to experience robust growth at 19.5% over the projection period. The widespread adoption of mobile and internet technologies along with current health care challenges, such as the geriatric population and increasing costs, has encouraged interest in the development of web technologies involving telemedicine.

U.S. market valued USD 19,524.0 million in the year 2018. Presence of large number of patient pool along with favorable government initiatives will boost the market for U.S. market. Furthermore, growing demand for easy-to-use equipment that helps in tracking of vital signs at home, and advanced consumer technology is also enabling increased access to telemedicine, hence propelling the market growth in U.S.

China is estimated to exhibit the fastest growth of 23.0% during the forecast period due to growing target geriatric population, and increased demand for better access to healthcare services. Factors such as increasing usage of smartphones and internet among the Chinese population, and greater demand for easier and convenient means to receive healthcare solutions will boost the China market growth during the forecast period.

Competitive Market Share

Few of the notable industry players operating in global telemedicine market are Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, BioTelemetry, Cerner Corporation, Cisco Systems, Honeywell International Inc, InTouch Technologies, Koninklijke Philips N.V., McKesson Corporation and OBS Medical. These players adopt strategies such as new product launch, mergers and acquisitions along with collaborations and partnerships. For instance, in May 2018, Allscripts signed an agreement to acquire HealthGrid Holding Company. This acquisition will enable significant expansion of FollowMyHealth platform portfolio and spur revenue generation.

The concept of telemedicine was introduced in early 1950’s when few hospitals and university-based research centers started implementing telemedicine at an experimental level in U.S. Initially, telemedicine was developed for providing healthcare services to patients in remote locations. The period of 1960’s saw huge investments by U.S. government, NASA and Public Health Department for development of telemedicine market. Currently, various technological advancements in telecommunications network is the major factor that will drive telemedicine market. The market is still in its growth phase in developing countries. Although in its infant stage in developing nations, the market has huge growth potential as increasing number of people are adopting advanced technologies. However, strict regulations are required to ensure safety of patients.